Cassiar Aspestos CorPoRATION LIMITED

Yukon Territory which is wholly owned by your company. Engineering and geo-
logical work will be undertaken at the property during the year to permit future
planning.

The Letain asbestos property is held by Kutcho Creek Asbestos Company
Limited. All of the outstanding shares of its capital stock are owned by your
company. The action brought by the original vendor to recover title to the property
was dismissed in the Supreme Court of British Columbia. The decision was reversed
in the British Columbia Court of Appeal and an appeal to the Supreme Court of
Canada has been made.

The Board expresses its appreciation of the loyal and efficient services
rendered the company by Mr. J. D. Christian, General Manager, and his staff.

On Behalf of the Board,

F. M. CONNELL,

President.

Toronto, Ontario,
February 8, 1963.

Pace Four